ABSS Premier v23.4 and Accounting v28.4 Release April 2020

In this release, we have updates withholding tax codes as per new BIR Form 1601-EQ

New Withholding tax codes

New withholding tax codes, as shown in below table has been added for use in line with Bureau of Internal Revenue (BIR) requirement.

Withholding SubType	ABSS Tax Code	Description	Rate
WC011	WC011	Professional exceed P720000	15%
WC020	WC020	Pro entertainers less P720000	10%
WC021	WC021	Pro entertainers more P720000	15%
WC030	WC030	Pro Athletes less P720000	10%
WC031	WC031	Pro Athletes more P720000	15%
WC040	WC040	Director&Producer less P720000	10%
WC041	WC041	Director&Producer more P720000	15%
WC050	WC050	Mgmt & Tech Cons. less P720000	10%
WC051	WC051	Mgmt & Tech Cons. more P720000	15%
WC060	WC060	Bookkeeping agent less P720000	10%
WC061	WC061	Bookkeeping agent more P720000	15%
WC070	WC070	Insurance agents less P720000	10%
WC071	WC071	Insurance agents more P720000	15%
WC080	WC080	Other talent fees less P720000	10%
WC081	WC081	Other talent fees more P720000	15%
WC139	WC139	Brokers & Agents less P720000	10%
WC151	WC151	Pro medical less P720000	10%
WC150	WC150	Pro medical more P720000	15%
WC160	WC160	Serv payment by Top WH Agent	2%

2. Update existing withholding tax codes rate and descriptions

Existing tax codes description and short codes have been updated too to be in line with the new BIR ATC tax code.

Withholding SubType	Old Tax Code	New Tax Code	Description	Rate
WC010	W01	WC010	Professional less P720000	remain
WC100	W10	WC100	remain	remain
WC110	W11	WC110	remain	remain
WC120	W20	WC120	payments to certain contractor	remain
WC140	W14	WC140	Brokers & Agents more P720000	15%
WC156	W56	WC156	Remain	remain
WC157	W57	WC157	Payments made from Government	2%
WC158	W58	WC158	Goods payments by Top WH Agent	remain

New Tax Code List for newly created data file will be as follow:

We have added a new report named Financial Analysis.

For a start, it has some basic financial ratio analysis to help company stakeholders understand how well the business is performing and potential areas that need improvement.

1) Index To Reports – Accounts

This report can be found at Index to Reports > Accounts > Balance Sheet: Financial Analysis.

The sample report will look like this:

There are three types of analysis provided in this report:

a) Liquidity Ratios

Cash Ratio

A liquidity ratio that measures a company's ability to pay off its current liabilities with only cash and cash equivalents.

Current Ratio

A liquidity and efficiency ratio that measures a company's ability to pay off its short-term liabilities with its current assets.

Gearing Ratio

A performance ratio shows the proportion of finance that is provided by debt relative to the finance provided by equity.

b) Performance Ratios

Interest Coverage

A performance ratio that measure the company's ability to meet its interest payments.

Return On Capital Employed % (ROCE)

A profitability ratio that measure the returns that a company is achieving from the capital employed.

c) Profitability Ratios

Return On Sales %

A profitability ratio that calculates how efficiently a company is at generating profits from its revenue.

Gross Profit Margin %

A profitability ratio that measure how efficiently a company uses its cost of goods sold to produce and sell products profitably.

2) Edit Account Details

To use this report, user require to link relevant accounts to respective categories used in ratio analysis. This can be done via select the ‘Financial Analysis acc group’ in Edit Accounts > Details tab:

User can select financial analysis account group from the dropdown list, then click OK to saved it.

To understand which category mapping requires, user may refer to formula stated in report, and mapped accordingly to get desires result.

Note: Capital Employed and EBITA are defined as:

Capital Employed = Long Term Liabilities + Shareholders Equity + Retained Earning + Current Earning

EBITA = Net Profit + Interest Expenses + Tax Expenses

3) Account List Detail Report

We have updated Account List Detail Report to include a new Report Field, ‘Financial Analysis Acc Group’.

By including this field into report it will show the financial analysis account grouping that an account has associated with.

4) Import/Export Account Information

Import and Export Account functions has been updated with the new field Financial Analysis Account Group.

Export to Excel xlsx File

All report that currently contains Sent To Excel option, can now export and saved directly to MS Excel file format with .xlsx extension, without the needs to launch the Excel application, open the file for viewing before they get saved. This is to ease user who does not have MS Office installed in their local workstation.

General Ledger Report send to Excel

When huge volume of data send to MS Excel, the maximum lines that able display now set to 65000 lines, which is close to MS Excel import limitation.

Tax Codes characters Limit

To cater for the various length of the tax codes characters provided by the authority, we've extended the length of tax codes out to 10 characters. This can also be helpful in naming your tax codes to make it easier to manage and choose the correct code. In lieu with the changes, some screen with tax code field has been expanded too.

Item Movement Report

Every item movements per transaction, can now show up to maximum of 25 locations

Export to excel formulae update

Total field formulae will now include the first row data.

Free Trial and Sample File

Free Trial Period – trial period of non-activated data file now set to 7 days only, after which data file will become READ ONLY. To continue using that data, user have to activate it.